08 August 2014
The European Commission published today its Report on the operation of the European Supervisory Authorities (ESAs) and the European System of Financial Supervision (ESFS). The report recognises the overall effectiveness and efficiency of the three European Supervisory Authorities in contributing to restoring confidence in the financial sector and promoting the Single Rulebook. It also identifies areas where adjustments might be needed in order to improve and strengthen the functioning of the current institutional set up, also in light of the establishment of the Banking Union. The EBA welcomes this assessment and emphasises that a more pronounced increase in resources, further clarifications in roles and responsibilities on supervisory matters and possibly greater involvement in the developments of primary legislation would enable it to more effectively perform its role as guardian of the single rulebook in the banking sector as well as promoter of supervisory convergence and enhance the protection of EU consumers.